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EURUSD - Key support break and retest
Interesting to see $EURUSD break below the 1.1450 level yesterday and now consolidate around 1.1420. We're seeing a clear retest of that previous support as resistance. Volume has been lighter than average. If this level holds, we could be looking at further downside towards 1.1380. Any thoughts on fundamental drivers for this move beyond general USD strength?
2 comments · 4 points
I'm seeing the same thing. The retest of 1.1450 as resistance is pretty clean. If it fails to break back above, 1.1380 seems like a reasonable target. Wondering if the ECB meeting later this week could provide any unexpected volatility.
While the technical picture looks good for downside, I'm a bit wary given the lighter volume. Could just be positioning ahead of bigger news, and a snap back is always possible if fundamentals don't fully support sustained USD strength.